2025年全球财富及高端生活报告

FOREWORDWelcome to the 2025 edition of our Global Wealthand Lifestyle Report.Hard times have hit high-end goods and servicesproviders. Following a global savings glut and aseemingly endless buying spree among affluentconsumers that lasted over a decade, the luxurysector faced a downturn in winter 2024/25 – atleast by its own elevated standards. Higher interestrates and yields had already drained a significantamount of cash from private wallets. The economywas on shaky ground in Asia, following the burstingof the largest housing bubble in China. In Europe,high energy prices and a surge in highly competitiveChineseexports stifled any economic relief.Meanwhile, the US was in political campaign mode,followed by a change in administration. To makematters worse, the world was bracing for a loomingtrade war as Washington imposed tariffs onChristian Gattiker-Ericsson,CFA, CAIA,Head of Research world’s most expensive city for high-net-worth in-dividuals (HNWIs), while London takes secondplace. Hong Kong ranks third, swapping positionswith London. Although the top three cities remainrelatively unchanged, there have been significantshifts elsewhere. Bangkok jumped six places to 11th,Tokyo also climbed six places to 17th, and Dubairose five spots to seventh.And what of this year’s survey? The overall valueof assets for respondents globally increased againthis year, with wealth creation remaining a toppriority. Spending also remains high, but growth isslower than in previous years, mirroring the slowingdemand we mention above. The main story here,though, is the increased focus on longevity – bothphysical and financial – among our respondents.In light of ongoing uncertainty, trade tensions, andtariffs, our findings represent the final moment‘before’ the current situation, and next year’sGlobal Wealth and Lifestyle Report will likelyprovide a fascinating ‘after’ perspective. We hopeyou find this year’s report informative, and we wishyou an enjoyable read. Liberation Day. According to a senior executive inthe luxury goods sector, the relentless price increas-es of recent years backfired massively as demandfaltered due to these factors.So, is this good news for those consuming high-end goods and services? Our findings in the latestreport suggest it might be. Although data collectionwas completed before the US administration an-nounced its new tariffs in spring 2025, our resultsstill indicate a notable shift. The Julius Baer LifestyleIndex declined by 2 per cent in USD since 2024,which is quite exceptional. Historically, high-endconsumer prices have risen at twice the rate ofaverage consumer prices, implying an increase ofmore than 5 per cent during this period. Therefore,a decline of more than one percentage pointunderscores the headwinds facing the high-endsector, as outlined above. Of course, there are manynuances to the findings, and you can read moreon these later.Moving on to one of our most popular sections – ahead-to-head comparison of global hotspots inconsumer terms – Singapore retains its title as the The Julius Baer Lifestyle Index910Global item price changes14Evolution of top ten city rankings1618Deep dive: business class flights19Travel and transport habits21The Julius Baer Lifestyle Survey22Deep dive: financial health2830Personal financial situation31Lifestyle spending habits32Lifestyle, attitudes, and3303040506Regional overviewsAsia PacificEurope, Middle East, and AfricaThe AmericasSpotlight citiesAppendixMethodologyGlobal rankings by itemAsia PacificEurope, Middle East, and AfricaThe AmericasDisclaimer and mastheadCONTENTS Global city rankingKey findingsMovers and shakersKey findingsPreferred asset classessustainable behaviour010234374144525456616569Global Wealth and Lifestyle Report 2025 EXECUTIVE SUMMARYThis year’s Julius Baer Global Wealth and LifestyleReport presents a snapshot of the last momentsof the ‘old’ situation, just before President Trumpintroduced new tariffs, which had and will continueto have ongoing implications for financial marketsworldwide. Even before this point, though, theworld was bracing itself for a global trade war,geopolitical tensions were high, and consumerspending was slowing.So, how did the global situation impact the life-styles and priorities of affluent individuals over2024 and early 2025? The Julius Baer LifestyleIndex analyses the cost of a basket of goods andservices representative of ‘living well’ in 25 citiesaround the world. This provides an overview ofthe relative cost of maintaining a high-net-worthlifestyle in these various major urban centres. Theaddition of the Lifestyle Survey, now in its fourthyear, supports the index findings with quantitativeanalysis of the personal habits and attitudes ofhigh-net-worth individuals (HNWIs). Together,they provide targeted insights into the lifestyles andpriorities of wealthy consumers around the globe.Same same but differentThe 2025 podium features the same three cities as2024,however,withsomejostlingforposition.WhileSing